# Commerce One Holdings Inc.: business model and financials

> Latest period: FY ending Mar 2026, consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第21期(2025/04/01－2026/03/31) (S100YHS5)
> Page: https://vizora.meequs.com/en/company/commerce-one-holdings
> Retrieved: 2026-09-30T19:51:22.533Z

## Company

Commerce One Holdings, founded in 2006, is a company in Software & SaaS listed on TSE Growth. It has 191 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Commerce One Holdings Inc. |
| Ticker | 4496 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/4496.T) |
| Listing | TSE Growth |
| Head office | 東京都千代田区九段北4丁目2-1 市ヶ谷スクエアビル |
| Representative (per filing) | 代表取締役 岡本 高彰 |
| Founded | Aug 2006 |
| Share capital | ¥210.4M |
| Employees (consolidated) | 191 |
| Average salary (parent only) | ¥7.3M |
| Fiscal year end | March |
| Website | www.cm-one.jp (https://www.cm-one.jp/) |
| Corporate number | 7010001101896 |
| EDINET | E35589 |
| Industries (Vizora) | Software & SaaS |

> Profile source: annual securities report (S100YHS5, filed 2026-06-24). As of filing

## Five-axis industry profile

Primary industry: Software & SaaS (2026-03-31)

| Axis | Industry percentile | Peers |
| --- | ---: | ---: |
| Revenue growth | 50 | 105 |
| Profitability | 43.1 | 145 |
| Cash conversion | 30.9 | 128 |
| Efficiency | 66.6 | 145 |

Each axis is shown independently. Missing values are labeled unavailable; no combined score is calculated. Industry rank is not an investment recommendation.

## Key points (generated from figures)

- Commerce One Holdings brought in ¥3.9B in revenue.
- Out of every ¥100 of sales, about ¥10 is left as operating profit.
- Revenue changed +5.5% from the prior year, operating profit -40.4%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥3895734000 → ¥298391000
- Net income → operating cash flow: ¥298391000 → ¥312720000（difference ¥14329000）
- Main uses of operating cash flow: CapEx ¥137853000 / dividends ¥141927000 / buybacks ¥82581000
- Change in cash: ¥11405000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥3.9B |  |
| Operating income | ¥380.7M | Margin 9.8% |
| Net income | ¥302.3M | Margin 7.8% |
| Free cash flow | ¥174.9M |  |
| Employees (consolidated) | 191 |  |
| EPS | ¥40.27 |  |
| Book value per share | ¥180.68 |  |
| Equity ratio | 72.1% |  |
| Shares outstanding | 7,193,400 |  |
| Treasury shares | 178,900 |  |
| Shareholders | 1,944 |  |
| Average salary (parent only) | ¥7.3M | Filing company only |
| Cash ratio | 51.7% | Cash ÷ revenue 48.1% |
| Vs. industry median margin | -2.7 pp | Software & SaaS |
| ROE | 12.7% | Derived from disclosed figures |
| ROA | 8.5% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 52% of total assets

## What changed in 5 years

| Metric | FY ending Mar 2021 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥2520037000 | ¥3895734000 | +54.6% |
| Operating income | ¥572336000 | ¥380704000 | -33.5% |
| Operating margin | 22.7% | 9.8% | -12.9 pp |
| Employees | 129 people | 191 people | +48.1% |
| Cash and equivalents | ¥1231242000 | ¥1875566000 | +52.3% |

### Change in segment revenue mix

Span: FY ending Mar 2021 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 3,896 | 100.0% | S100YHS5 |
| Cost of revenue | 1,761 | 45.2% | S100YHS5 |
| Gross profit | 2,135 | 54.8% | S100YHS5 |
| SG&A | 1,754 | 45.0% | S100YHS5 |
| Operating income | 381 | 9.8% | S100YHS5 |
| Ordinary income | 472 | 12.1% | S100YHS5 |
| Pretax income | 481 | 12.4% | S100YHS5 |
| Income tax | 183 | 4.7% | S100YHS5 |
| Net income | 298 | 7.7% | S100YHS5 |
| Net income attributable to owners | 302 | 7.8% | S100YHS5 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Cost of revenue | 45 |
| SG&A | 45 |
| Operating income | 10 |
| (Ref.) Net income | 8 |

### Margin funnel

Gross margin 54.8% → Operating margin 9.8% → Net margin 7.8%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue up, profit down
Revenue growth: +5.5%; Core profit growth: -40.4%
Growth quality: revenue-led
Operating leverage (core profit growth ÷ revenue growth): -7.37×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 3,693 | 3,896 | 202 | +5.5% |
| Gross profit | 2,101 | 2,135 | 33 | +1.6% |
| Operating income | 638 | 381 | -258 | -40.4% |
| Net income attributable to owners | 92 | 302 | 211 | +230.1% |
| Operating cash flow | 533 | 313 | -220 | -41.3% |
| Free cash flow | 360 | 175 | -185 | -51.4% |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 2,167 | 376 | 17.3% | 293 | 312 | 225 | S100LS0Y |
| FY ending Mar 2021 | 2,520 | 572 | 22.7% | 393 | 467 | 364 | S100OJ6A |
| FY ending Mar 2022 | 2,940 | 677 | 23.0% | 496 | 516 | 398 | S100R6FV |
| FY ending Mar 2023 | 3,196 | 580 | 18.2% | 441 | 164 | 55 | S100TS9S |
| FY ending Mar 2024 | 3,557 | 644 | 18.1% | 415 | 779 | 662 | S100W295 |
| FY ending Mar 2025 | 3,693 | 638 | 17.3% | 92 | 533 | 360 | S100YHS5 |
| FY ending Mar 2026 | 3,896 | 381 | 9.8% | 302 | 313 | 175 | S100YHS5 |

## People and productivity（FY ending Mar 2026, consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥20.4M |
| Operating income per employee (consolidated) | ¥2M |
| Net income per employee (consolidated) | ¥1.6M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 142 | 182 | 176 | 177 | 191 |
| Average salary (parent company) | ¥6.7M | ¥7.3M | ¥7.7M | ¥7.2M | ¥7.3M |
| Average age (parent company) | 40.6 years | 41.6 years | 43.2 years | 38.0 years | 39.0 years |
| Average tenure (parent company) | 2.9 years | 4.2 years | 5.6 years | 5.2 years | 6.2 years |

Year over year: Employees (consolidated) +7.9% · Revenue (consolidated) +5.5%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 313 | 8.0% | S100YHS5 |
| Capital expenditure | 138 | 3.5% | S100YHS5 |
| Free cash flow | 175 | 4.5% | 算出 |
| Investing cash flow | -83 | -2.1% | S100YHS5 |
| Financing cash flow | -237 | -6.1% | S100YHS5 |
| Dividends paid | 142 | 3.6% | S100YHS5 |
| Share buyback | 83 | 2.1% | S100YHS5 |
| Change in cash | 11 | 0.3% | S100YHS5 |
| Cash and equivalents | 1,876 | 48.1% | S100YHS5 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 1,643 | 1,609 | 1,734 | 1,864 | 1,876 | S100TS9S, S100W295, S100YHS5 |
| Total assets | 3,109 | 3,506 | 3,883 | 3,472 | 3,628 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Net assets | 2,287 | 2,616 | 2,845 | 2,523 | 2,626 | S100TS9S, S100W295, S100YHS5 |
| Share capital | 210 | 210 | 210 | 210 | 210 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Property, plant and equipment | 75 | 91 | 78 | 130 | 118 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Intangible assets excluding goodwill | 316 | 383 | 329 | 293 | 312 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Goodwill | — | 61 | — | 12 | — | S100TS9S, S100YHS5 |
| Investment securities | 548 | 563 | 1,003 | 444 | 434 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Current assets | 2,006 | 2,307 | 2,306 | 2,379 | 2,473 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Current liabilities | 753 | 808 | 916 | 853 | 911 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Short-term borrowings | — | 47 | 47 | 49 | 48 | S100TS9S, S100W295, S100YHS5 |
| Long-term borrowings | — | — | — | 5 | 3 | S100YHS5 |
| Total liabilities | 822 | 890 | 1,038 | 948 | 1,002 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Non-controlling interests | — | — | — | — | 9 | S100YHS5 |
| Equity attributable to owners of parent | 2,053 | 2,355 | 2,466 | 2,349 | 2,424 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Retained earnings | 1,682 | 2,123 | 2,095 | 2,036 | 2,196 | S100R6FV, S100TS9S, S100W295, S100YHS5 |
| Treasury stock | -0 | -139 | -0 | -57 | -139 | S100R6FV, S100TS9S, S100W295, S100YHS5 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 52% | S100YHS5 |
| Property, plant and equipment | 3% | S100YHS5 |
| Intangibles and goodwill | 9% | S100YHS5 |
| Investment securities | 12% | S100YHS5 |
| Other assets | 24% | S100YHS5 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 28% | S100YHS5 |
| Equity | 72% | S100YHS5 |

### Balance sheet history

| Metric | FY ending Mar 2022 | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 3,109 | 3,506 | 3,883 | 3,472 | 3,628 |
| Equity | 2,287 | 2,616 | 2,845 | 2,523 | 2,626 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 1,643 | 1,609 | 1,734 | 1,864 | 1,876 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 3.0% | S100YHS5 |
| Fixed assets ÷ total assets | 3.3% | S100YHS5 |
| Goodwill ÷ parent equity | — | —, S100YHS5 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 51.7% |
| Cash ÷ revenue | 48.1% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 82.1% |
| Cash vs. profit gap | 10 JPY mn (of net income 3.4%) |
| Shareholder returns / net income | 74.3% |
| Shareholder returns / FCF | 128.4% |
| Shareholder payments — dividends / net income | 46.9% |
| Shareholder payments — dividends / FCF | 81.2% |
| CapEx intensity (capex ÷ revenue) | 3.5% |
| Investing CF relative to operating CF | 26.5% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2022 | 16.9% | 0.95× | 16.0% | 1.51× | 24.2% | S100R6FV |
| 2023 | 13.8% | 0.97× | 13.3% | 1.50× | 20.0% | S100TS9S |
| 2024 | 11.7% | 0.96× | 11.2% | 1.53× | 17.2% | S100W295 |
| 2025 | 2.5% | 1.00× | 2.5% | 1.53× | 3.8% | S100YHS5 |
| 2026 | 7.8% | 1.10× | 8.5% | 1.49× | 12.7% | S100YHS5 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 岡本 高彰 | Major shareholder | 30.8% | 2026-03-31 |
| UBS AG HONG KONG（常任代理人 シティバンク、エヌ・エイ東京支店） | Major shareholder | 25.2% | 2026-03-31 |
| 光通信KK投資事業有限責任組合 | Major shareholder | 6.7% | 2026-03-31 |
| 株式会社イー・エージェンシー | Major shareholder | 4.3% | 2026-03-31 |
| 株式会社フューチャースピリッツ | Major shareholder | 3.8% | 2026-03-31 |
| 伏見 裕子 | Major shareholder | 3.7% | 2026-03-31 |
| 木下 圭一郎 | Major shareholder | 3.1% | 2026-03-31 |
| 北川 輝信 | Major shareholder | 2.1% | 2026-03-31 |
| NORTHERN TRUST CO. (AVFC) RE NON TREATY CLIENTS ACCOUNT（常任代理人 香港上海銀行東京支店） | Major shareholder | 1.5% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 1.3% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第21期(2025/04/01－2026/03/31) | S100YHS5 | 2026-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YHS5,, |
| 有価証券報告書－第20期(2024/04/01－2025/03/31) | S100W295 | 2025-06-25 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100W295,, |
| 有価証券報告書－第19期(2023/04/01－2024/03/31) | S100TS9S | 2024-06-26 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TS9S,, |
| 有価証券報告書－第18期(2022/04/01－2023/03/31) | S100R6FV | 2023-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R6FV,, |
| 有価証券報告書－第17期(令和3年4月1日－令和4年3月31日) | S100OJ6A | 2022-06-29 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OJ6A,, |
| 有価証券報告書－第16期(令和2年4月1日－令和3年3月31日) | S100LS0Y | 2021-06-30 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100LS0Y,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).